Hybrid Battery Energy Storage System Market Projected to Hit USD 22.3 Billion at a 7.20% CAGR by 2030 - Report by Market Research Future (MRFR)
Hybrid Battery Energy Storage System Market to Play a Crucial Role in the Electricity Grid Future
New York, US, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Hybrid Battery Energy Storage System Market, by Application, by Technology - Forecast 2030”, is expected to touch USD 22.3 Billion by 2030, growing at a 7.20% CAGR during the review period (2022-2030).
Hybrid Battery Energy Storage System Market Overview
The global Hybrid Battery Energy Storage System Market is growing rapidly. Growing numbers of solar power plant installations with connected grid-scale battery energy storage systems drive the growth of the market. Also, growing off-grid and on-grid solar panel installations for commercial, industrial, and residential uses drive the Hybrid Battery Energy Storage System Market growth.
Renewable-based power systems are more low-cost than coal-dominated systems. Government initiatives, such as zero greenhouse gas emissions and reliable electricity programs, explore the technical plausibility and economic potentiality of renewable transition for the power sector. Electricity generation based on solar PV, wind energy, and hydropower requires efficient batteries and energy storage systems.
Key players involved in the Hybrid Battery Energy Storage System Market are,
- Lockheed Martin (US)
- Amphenol Corporation (US)
- General Electric Corporation (US)
- AEG Power Solutions (the Netherland)
- Panasonic Corporation (Japan)
- Hitachi ltd (Japan)
- Samsung SDI Co. ltd. (South Korea)
- NEC Corporation (Japan)
- Siemens AG (Germany)
- Tesla Motors ltd. (US)
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Hybrid batteries perfectly complement large-scale solar PV due to their modularity, forming utility-scale hybrid PV-battery systems. With the right policy framework and incentives, storage capacities for renewable energy are initiated. Power sectors worldwide are working on incorporating energy system transition modeling and distributed self-generation & consumption of solar PV in residential, commercial, and industrial setups.
Individual entities are generating their electricity by installing rooftop solar PV and optional batteries to consume electricity directly from the grid and supply excess generated electricity to the grid. These Individual entities determine the cost-optimal solar PV capacities installed on rooftops with the battery energy storage for residential uses, industrial complexes, and commercial purposes.
|Market Size by 2030||USD 22.3 Billion|
|CAGR during 2022-2030||7.20% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Hybrid battery energy storage system market is rising due to growing demand for high power and high energy density of battery|
|Key Market Drivers||Growing need for high energy storage system for load shifting|
Growing small and medium sized businesses among others.
Utility-scale batteries contribute a major share of the electricity storage output. Due to their low cost and high efficiency, hybrid storage systems can help meet large-scale storage requirements. The required flexibility to the power system is addressed through multiple imperatives, such as affordability, accessibility, and sustainability, without compromising economic growth.
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Hybrid battery energy storage is a swiftly evolving technology crucial for electricity grids. Governments are setting targets of increasing renewable energy capacities with a large proportion of hybrid energy storage. Therefore, they continually work with experts to lead this development and set industry standards to meet the energy requirements.
Renewable energy holds a larger share in the overall energy generation, and most distributed generation successes revolve around renewables. Also, product standardization, enhanced research & innovations, and increased lab & field tests are major market trends, ensuring the large adoption of energy storage technologies.
Many commercial spaces have implemented hybrid battery energy systems embedded with IoT devices and technologies, such as AI and Blockchain. This, in turn, creates vast market opportunities for hybrid battery storage systems. Rising installations of solar power system boost hybrid battery storage system adoption.
On the other hand, the scarcity of key raw materials and components poses significant challenges to market players. Besides, high initial capital requirements and prohibitive costs associated with installing and maintaining hybrid battery storage systems affect market growth. Also, the lack of awareness and mobilization of demand are major factors affecting the Hybrid Battery Energy Storage System Market growth.
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Hybrid Battery Energy Storage System Market Segments
The market is segmented into applications, technologies, and regions. The application segment is sub-segmented into residential, non-residential, automotive, utility, and others. The technology segment is sub-segmented into ultracapacitors, lion batteries, supercapacitors, flywheels, and others. The region segment is bifurcated into the MEA, Americas, Europe, Asia-Pacific, and rest-of-the-world.
Hybrid Battery Energy Storage System Market Regional Analysis
North America dominates the global Hybrid Battery Energy Storage System Market. The constantly growing interest in hybrid battery storage systems that can be used in the residential sector supports the growth of the regional market. Besides, increased energy consumption and demand due to the continually growing population and rapid urbanization & industrialization in this region boost Hybrid Battery Energy Storage System Market revenues.
APAC is another rapidly growing market for hybrid battery storage systems. The Hybrid Battery Energy Storage System Market is primarily driven by the presence of major battery manufacturers providing batteries for solar energy storage systems, such as Hitachi, Panasonic, and Samsung. Simultaneously, China and India increase the size of the regional Hybrid Battery Energy Storage System Market, witnessing massive investments in hybrid battery storage systems. Additionally, rising government initiatives to tackle the increasing level of pollution foster the adoption of eco-friendly power generation solutions in these countries.
Hybrid battery storage system manufacturers strive to increase production capacities with improved cost efficiency and new possibilities offered by digitalization. Many storage system developers are exploring the possibility of developing electric vehicle charging and power systems after mastering their converter research and development.
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Increasing strategic partnership deals and approaches, such as collaboration, mergers & acquisitions, expansion, and product launches, are expected to be seen during the next few years. Industry players strategically invest in research and development activities and foster their expansion plans.
For instance, on Sep.01, 2022, Naturgy announced its first hybrid PV solar and energy storage project in Cunderdin, Australia. The project marks an important milestone, representing Naturgy’s foray into photovoltaic technology through a hybrid PV-Battery project in Australia. Also, it is the largest DC-coupled solar PV and battery project to be built and extend Naturgy’s asset portfolio in Australia. The acquisition transaction was completed with the original developer Sun Bred Power (SBP).
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